https://www.taxtmi.com/caselaws?id=221608 The High Court affirmed the Tribunal's decision regarding the interpretation of Section 115VP(2) of the Income Tax Act, 1961. The Court agreed that the time limit for opting for the tonnage tax scheme was directory rather than mandatory. As there were no specified consequences for non-compliance within the timeframe and considering the minimal delay of four days in this case, the Court upheld the Tribunal's ruling. The tax appeals were dismissed, emphasizing the significance of substantial compliance with procedural requirements even in cases of slight delays. en-us Fri, 01 Mar 2013 00:00:00 +0530 Wed, 20 Mar 2013 15:17:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221608 The High Court affirmed the Tribunal's decision regarding the interpretation of Section 115VP(2) of the Income Tax Act, 1961. The Court agreed that the time limit for opting for the tonnage tax scheme was directory rather than mandatory. As there were no specified consequences for non-compliance within the timeframe and considering the minimal delay of four days in this case, the Court upheld the Tribunal's ruling. The tax appeals were dismissed, emphasizing the significance of substantial compliance with procedural requirements even in cases of slight delays. Case-Laws Income Tax Fri, 01 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221608